Deutsche Bank increases stake in Hua Xia

The German bank will invest $550 million to increase its stake in China's Hua Xia Bank to 13.7%.

Deutsche will subscribe to approximately 265.6 million newly issued shares in Hua Xia Bank for a total price of Rmb3.9 billion $550 million.

The issue to Deutsche is part of a private placement of Hua Xia Bank shares to its three largest shareholders. A total of Rmb11.6 billion shares will be bought by Deutsche, Shougang a Chinese steel producer and China State Grid Corporation.